Ghana’s inflation rate continues to grow for the third consecutive month, reaching a new high of 43.1% in July, up from 42.5% previously.
Prof. Samuel Kobina Annim, the government Statistician, released the fresh data on Wednesday, August 9.
Food costs increased by 55.0%, while non-food expenses increased by 33.8%.
Professor Annim, in announcing the Consumer Price Index (CPI) figures for July 2023, emphasized the necessity of combining monetary aid with real-world measures as a strategy to combat inflation.
Inflation, known as the “silent enemy of purchasing power,” has steadily eroded the value of the Ghanaian currency and impacted the cost of products and services across the country.
The marginal increase from 42.5 to 43.1 will have an influence on numerous sectors of the economy, ranging from vital staples to luxury items, and will have an impact on the lives of ordinary residents.
